What is the difference between EFT & Wire?

Correct Answer: Accounts payable process is required in a company because this will help and guide the accountant to manage their payables with in the normal course of the business This includes verifying and checking the invoice details including the credit terms, due date, mode of payment, payee and the items received Only the items received will be paid Incase theres a discrepancy against the actual receipts, a credit note will be raised by the supplier against the short-shipped invoice At the end of the month, AP reconcilition is required confirming both parties balances thru the statement of accounts (SOA) This you can identify which invoices or payment hasnt been booked yet by both parties and you will end up with the same balances, (equal balance from your company and with their company)

Correct Answer: Automatic payments batch means auto payment is done on the bases of the batch, which u created for the payment of particular pay group etc Automatic payments means auto payments is done on the bases of single transaction u selected base for the payments

Correct Answer: The tax payable on a non-salary benefit provided to an employee or an associate of the employee The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee

Correct Answer: Following steps should be taken >Validate the invoice once it is matched for checking any holds >If workflow is implemented , Initiate approval for the invoice Once the invoice is approved/Approrval not required(status in case WF is not implemented) you can go for payments >Create accounting after approval of invoice Finally for payments you need to format, build ------------------------------------------------------------------------------- Before making payment the following steps should be taken 1 invoice amt, date, qty, quy, 2 invoice duplication or not 3 rectification of any Errors in invoice ------------------------------------------------------------------------------ Before hand over the invoice or dispatch the materials 1we have to receive perchase order from the customer 2Then PDC cheque, cash or current dated chq for dispatch the materials 3have to take signature from the customer for the proof of goods recieve ------------------------------------------------------------------------------- We must check the invoice thoroughly (1) Date of Invoice (2)Qty,Rate,Tax Levid

Correct Answer: Accounts Payable is a short term liability of an organization It's a process by which a company buys goods and services on credit and is billed in the form of an invoice, which states the terms and conditions of the payment Accounts Payable is recorded as a current liability in the balance sheet All accounts paayble entries are to be coded under the right G/L accounts to have an accurate picture of the company's short term liability

Correct Answer: Help to solve Balance of Payment problems of member countries

Correct Answer: Assets,Dividends,and Expenses

Correct Answer: ERS is a business process between trading partners that conduct commerce without invoices In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN) and the purchaser upon receipt confirms the existence of a corresponding purchase order or contract verifies the identity and quantity of the goods and then pays the supplier

Correct Answer: Journal Entries are recorded on a double entry system ie debit and credit concept In order to record a journal entry the following steps need to be followed - Enter the Journal entry number - Enter the Date of transaction - Enter the Debit item (as per the golden principles of accountancy) - Enter the corresponding GL folio number - Enter the Debit amount - Enter the credit item(as per the golden principles of accountancy) - Enter the amount in the credit column - Provide a brief description of the transaction - leave a single line before next transaction

Correct Answer: Absolutely Two examples involve unsustainable improvements in working capital (a company is selling off inventory and delaying payables), and another example involves lack of revenues going forward in the pipeline